Crude Oil Prices September 14, 2012, Technical Analysis
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Light sweet crude market rose during the session on Thursday as the commodities in general did fairly well. The Federal Reserve has eased more than people would’ve anticipated, and as such the US dollar is getting whacked as the session closes.
Looking at this chart, it appears that we are going to rise to the $100 level, and as such we are currently long of this market. $100 should give way relatively quickly, and as such we feel that the $105 level is probably where were heading to next. As for selling, we simply won’t do it.
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Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.
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